IMI hits net income of $24.1M for first 9 months of 2017
MANILA, Philippines – Integrated Micro-Electronics Incorporated (IMI), the manufacturing arm of the Ayala Group, saw its net income rise by 16% in Q3 of this year compared to last, as its recent acquisitions bore fruit.
In a disclosure to the stock exchange on November 3, IMI reported a net income of $24.1 million for the first 9 months of 2017.
This was as IMI hit $795.2 million in revenues during the same period, up 29% year-on-year, which the firm said, was “due to positive effects of recent acquisitions and a rising demand in the automotive and industrial segments”.
“IMI today is different from the IMI more than 10 years ago in the way we do things. We are now in the forefront of taking electronics to the next level penetrating high reliability markets and moving forward to a more advanced automotive electrification and autonomous driving,” said IMI President and CEO Arthur Tan.
IMI noted that its two acquisitions this year, VIA Optronics and STI International, contributed a combined $136.2 million in revenues.
This complemented revenues from its Europe and Mexico operations which increased by 15% to hit $263.4 million on increased demand for automotive lighting.
IMI also noted that ongoing expansions and new product introduction carried out in its Mexico plant to support North America requirements also bolstered the group revenues.
The firm’s China operations meanwhile hit $198.2 million in revenues, up just 1% year-on-year, as demand declined in the telecom infrastructure business, which was offset by growth in automotive and industrial segments.
Revenues from the manufacturer’s Philippine operations on the other hand was up 4% to $197.9 million due to strengthened demand for new industrial applications despite a drop in demand in the security and medical device business.
The firm also pointed out that new project wins for the year have reached $580 million, a 217% increase from the previous year with notable wins coming in the segments of controls and sensors, power modules, advanced driver assistance system (ADAS) controllers, and battery management systems. – Rappler.com